The cryptocurrency sector has been spinning with news about Facebook. And this is not surprising, because the social giant has unveiled its ambitious and hotly anticipated plan to create an alternative financial system. Do you want to know more?
Look at our top rating of the most discussed news:
1️⃣ Facebook has released the white paper for its long-awaited and blockchain-based financial infrastructure project. According to the paper, Facebook’s global stablecoin, dubbed “libra,” will operate on the native and scalable Libra blockchain, and be backed by a reserve of assets ostensibly “designed to give it intrinsic value” and mitigate volatility fluctuations. Is aware that dubbed ‘Calibra,’ the wallet will serve Facebook’s coin, which will be known as ‘Libra’.
❗️ The rollout came sooner than many anticipated, with rumors previously claiming it would be at least 2020 before a product hit the market. Facebook has already faced criticism over its plans, concern heightening after a list of partners for Libra went public this week.
2️⃣ The deceased owner of the now-defunct Canadian crypto exchange QuadrigaCX was allegedly transferring user funds off the exchange and using them as a security for his own margin trading on other platforms. The news was revealed in the fifth report from court monitor Ernst & Young (EY).
❗️ The cryptocurrency landscape is no stranger to misdeeds, transgressions, and scandal. But even amongst this backdrop, the QuadrigaCX story stands out as something exceptional. It has been the ideal scam; man sets up a fake business, takes in millions of dollars worth of funds, scatters the funds in different pools under anonymous names, enriches himself and his family, before the mastermind behind it all dies, leaving the authorities clutching thin air. 👏
3️⃣ As we’re getting closer to the official announcement of Facebook’s cryptocurrency, the community starts to question its impact on other projects, including Ripple (XRP). The latter, however, doesn’t seem to show any signs of slowing down, announcing a strategic partnership with money transfer giant MoneyGram. The initial term of the agreement is for two years and Ripple will become MoneyGram’s key partner when it comes to foreign exchange settlement using digital assets and cross-border payments.
❗️ This is for sure being very good news for Ripple especially if we consider the fact that they have trying to find the ways of driving adoption of the XRP cryptocurrency via tokens held in escrow and released quarterly. To date, the company has succeeded in attracting large financial institutions to trial its xCurrent product which doesn’t involve the XRP currency in the money flow.
